When you have applied for a whole life or term policy, there may be a period of time that the underwriters are making a decision on whether or not to approve you for a policy. With a temporary life policy, you and your family will have the coverage they need to feel secure while the underwriters make up their minds. A temporary life insurance policy will provide your family with the peace of mind you need while you are awaiting the underwriters' decision. Here's a detailed overview of temporary life insurance.
Temporary life insurance coverage is designed to protect you while you are in insurance limbo. Being approved for a substantial amount through a whole life or temporary life insurance policy will take time. Every insurance carrier has a different time frame when it comes to underwriters and how they work through the process for approving a life insurance application. The waiting can be difficult if you don't know whether or not you will have coverage.
When you purchase a temporary life insurance policy, it will normally be for the same amount (or a similar amount). The risk of you passing away in the span of time between applying for your life insurance policy and it being approved is extremely low. There are times that a temporary policy may be limited or capped. This is a normal practice with many life insurance providers. Talk to your insurance provider to learn exactly how much coverage you will be getting.
In most cases, it will take about 60 to 90 days (two to three months) for a team of underwriters to approve your life insurance policy. There may be cases when the amount of time is much shorter. This is normally the case if you have submitted to a physical examination and generally have good health.
You may decide on a temporary life insurance policy if you are in between jobs and have lost your other coverage. One advantage of buying a temporary life insurance policy is that your premiums will be considered a deposit on your actual policy. These premiums will be carried over so that you may not have to start paying immediately after you have been approved. If you have paid premiums on the temporary policy and were eventually denied coverage, the premiums you would be returned to you.
When you are trying to protect your family, having a temporary life insurance policy can be incredibly important. Contact the insurance professionals of Bell Black Insurance to learn more about how a temporary policy works and whether or not you are eligible to apply for this type of policy. Discuss your needs with your insurance agent and let them guide you through the process. When they know your situation, they can help you find a solution.